Take about 1/4 cup of water in every 5 microwave-safe bowls.
Using toothpicks, take out a speck of each color (Wilton colors are very concentrated), and drop the toothpicks into 5 different bowls. Microwave each bowl for 20 seconds to melt the colors into the water. You may want to add more color gel to get more concentrated colors. If you are using liquid food colors, you can directly add them to the prepared pancake mix.
Now add 1/2 cup pancake mix into each color bowl and mix well. You may need to add more water to get the right consistency.
Heat a little butter in a nonstick pan over medium heat. You want to control the heat because too much heat will crisp the pancakes and dull the colors.
Pour one pancake batter into the pan to make one big pancake. Flip and cook as needed. Repeat for each color.
Once the pancakes have cooled slightly, cut them into smaller rounds using a round cookie cutter.
Serve with cream cheese or whipped cream and maple syrup. I like to mix cream cheese with some maple syrup and use it as frosting. You may also want to dust some powdered sugar.